The Life Insurance Corporation of India, popularly known as LIC, is India’s oldest, largest and highest-rated life insurance company. They were the first insurer in the country to offer life insurance plans way back in 1956. Ever since the company has grown and has continuously offered excellent life insurance products to every Indian. From the regular term insurance plans to the more complex ULIPs, the company has all types of life insurance covers on offer. Take a look at this article to know about five of the best policies from the Life Insurance Corporation of India and see why you may benefit from buying them.
Top 5 Plans from LIC
Here is a list of the best life insurance plans LIC has on offer:
LIC’s New Endowment Plan
- Death Benefit - The plan offers a death benefit. If you happen to die within the policy period, your nominees will receive the allocated death benefit and the policy will come to an end.
- Maturity Benefit- If you outlive the policy period, you will receive a maturity benefit. This will ensure you do not lose the premium you paid over the years the policy was active.
- Investment Opportunity - The plan comes with an investment opportunity. You get regular bonuses which help the fund to grow. It helps you meet your insurance and investment needs under a common insurance umbrella.
LIC’s Jeevan Amar
The Jeevan Amar plan is an excellent term insurance plan that offers wholesome cover. Here are some of the benefits:
- High Sum Assured - The plan offers a high sum assured. While the minimum sum assured is INR 25 lakhs, there is no limit on the maximum value and you are free to choose what amount you want for your family’s protection.
- Economical - Like most other plans from LIC, the Jeevan Amar plan is also a very affordable life insurance cover. You can get a high life cover at low cost and keep your family secured quite easily.
- Riders Available - Many life insurance riders, such as the critical illness rider and the accident benefit rider are available with this policy. Getting riders allows you to increase the scope of the cover under this term insurance policy.
LIC’s Jeevan Tarun
The Jeevan Tarun Policy is one of the best money back plans available in the country presently. The benefits of this plan include:
- Child Benefit Plan - This is primarily a child benefit life insurance policy, where you buy the plan to cover a minor child. If anything happens to you, your child will receive the benefits of the policy and his or her future will be secured.
- Easy Premium Payment - You can pay the premium in varying terms, ranging between eight and twenty years. The premium can be paid yearly, bi-yearly, quarterly or monthly.
- Long Term Cover - The child will continue to get the benefits even if the parent (the policyholder) dies.
LIC’s Jeevan Umang
The Jeevan Umang Plan is a unique whole life cover plan that offers a life insurance cover till the last day of the policyholder’s life. Some of the benefits of this plan are:
- Cover for the Whole Life - As stated, you get coverage for as long as you survive and this gives the maximum possible protection to your loved ones.
- Affordable - The Jeevan Umang plan is a very affordable whole life cover. You can pay the premium in flexible ways, depending on what suits your financial capabilities.
- Tax Benefit - Income tax deduction of up to INR 1.5 lakhs are available for the premium you pay each year.
LIC’s Jeevan Labh
This plan is a limited premium endowment life insurance plan that offers many benefits such as:
- Life Cover - The plan offers a life cover. If you die within the tenure of the policy, your loved ones receive the sum assured.
- Bonus - Since it is an endowment policy, you earn handy bonuses along the way that allow you to have an investment component in the plan as well.
- Long Term Cover - You can stay covered for a long period of time up to 25 years under the Jeevan Labh policy. The policy term options available here are 16 years, 21 years and 25 years.
These are some of the very best life insurance plans available from LIC. understand your requirements and then choose the best option and you will benefit greatly from the investment.
The Final Word
LIC is India’s leading life insurance company. The company has many interesting plans on offer. This apart, LIC has a very high claim settlement ratio, an excellent customer support team and a very impressive digital presence. All these factors make LIC an ideal insurance provider who has the best plans and best services as well.